KUALA LUMPUR: Wasco Berhad delivered its best year ever financial performance for the year ended 31 Dec 31, 2024 (FY2024), capping the year with exceptional fourth-quarter (Q4 FY2024) results.
The Group reported FY2024 revenue of RM3.2 billion, reflecting a significant year-on-year (Y-o-Y) increase of 22% from RM2.6 billion. Q4 FY2024 revenue for the Group stood at RM984.4 million, marking a robust 55% increase quarter-on-quarter (Q-o-Q) and reinforcing the Group’s successful strategic transformation.
For the full year, Wasco’s Profit Before Tax (PBT) and net profit stood at RM221.1 million and RM164.5 million respectively. In Q4 FY2024, PBT and net profit stood at RM51.6 million and RM40.13 million, respectively, more than doubled from Q3 FY2024 figures. The sharp increase in profit was driven by higher revenue contribution during the quarter, supported by key project completions in the liquefied natural gas (LNG), industrial, carbon capture and renewable energy sectors.
Profit After Tax and Minority Interest (PATMI) for FY2024 surged 41% to RM153.0 million, marking overall best profitability for the Group. In Q4 FY2024, PATMI is recorded at RM35.3 million. Wasco also declared a dividend issuance of 2 sen per share - its first payout since 2020 - in recognition of the unwavering support of its shareholders. The Group maintained a healthy gearing ratio of 0.21 times from 0.62 times, reflecting continuous cash flow improvement and disciplined financial management.
Wasco’s record-breaking FY2024 performance was driven by strong execution across all business segments, with Q4 FY2024 delivering sharper growth momentum.
The Energy Services division posted full year revenue of RM2.6 billion, up 14% from RM2.3 billion in FY2023. Revenue in Q4 FY2024 stood at RM856.6 million, versus RM722.5 million in the same period in 2023. This growth was driven by the execution of projects with higher level of activities during the period. The division’s PBT stood at RM190.6 million and RM80.9 million for the full year and Q4 FY2024 respectively.
During the financial period, the Pipeline Services unit completed 570 kilometres of pipeline coating for Qatar’s North Field Expansion Project, a key LNG infrastructure initiative. In Malaysia, the Group successfully delivered 139 kilometres of coated pipelines for the Kasawari Carbon Capture & Storage (CCS) Project, contributing to the nation’s decarbonisation and CO₂ emissions reduction efforts.
The Rosmari Marjoram Project saw the coating of 220 kilometres of pipelines, boosting regional gas production.
The Engineering & Fabrication Services unit marked a major milestone with the 300th module loadout from Batam, delivering ahead of schedule for the Angola FPSO project. It has also secured a RM659.3 million contract for prefabricated substations in the Middle East, reinforcing its market expansion strategy.
Bioenergy Services
In FY2024, the Bioenergy Services division delivered revenue of RM276.7 million and in Q4 FY2024, the revenue is recorded at RM75.2 million. PBT stood at RM69.5 million and RM9.7 million for the full year and Q4 FY2024 respectively.
As the Group continues to serve the energy industry through sustainable growth and services, the division expanded its clean energy portfolio whilst advancing its waste-to-energy and circular economy initiatives, aligned with Wasco’s Sustainable Transition Finance Framework.
Cumulatively, over the years, a total of 1,764 units of turbine have been sold, which further drives significant opportunities for the Bioenergy Services division from its after-sales services which contributed approximately 34% and 28% of total revenue for FY2024 and FY2023, respectively.
These achievements reflect Wasco’s strategic focus on high-value projects, operational excellence, and sustainability-driven growth, positioning the Group as a leading energy solutions provider.
Wasco enters 2025 with strong momentum, backed by a tender book of RM10.4 billion with a secured order book of RM2.5 billion, ensuring earnings visibility and diversified growth potential.
“Our record-breaking FY2024 and stellar Q4 results surpassed market expectations, a testament to our ability to seize market opportunities, optimise operations, and sustain profitability,” said Wasco Berhad Group CEO Giancarlo Maccagno. “This performance reflects our strong business fundamentals, and we are pleased to declare our first dividend since 2020 - reinforcing our confidence in Wasco’s long-term growth and commitment to creating value for our shareholders.”
The Group is well-positioned to continue its momentum in FY2025, with key ongoing projects globally driven by Wasco’s outstanding execution capabilities, and commitment to safety and excellence.
Additionally, the Bioenergy Services division continues to drive expansion in biomass energy generation, with further strategic opportunities under evaluation to further unlock shareholder value.
“We are not just meeting targets; we are seizing opportunities to innovate, expand, and create lasting impact. Wasco is shaping the future of energy with integrated solutions for both traditional and clean energy markets,” concluded Maccagno.
